Setting a New Direction
The Boao Forum for Asia has been central to the process of the realisation among the developing countries of their global importance
As developing and emerging nations move away from the periphery and start realising their collective importance and growing value in the transitioning of global geopolitics, a change of narrative and perception is taking shape. Since 2001, the Boao Forum for Asia (BFA), often dubbed the “Davos of Asia,” has been central to this process of self-realisation and has had a huge impact on the global stage.
“Our world today is going through accelerated transformation unseen in a century. The world economic recovery is lacklustre; problems and conflicts keep emerging; hegemonic and bullying acts are deeply harmful; and peace and development face grave challenges. Against such a backdrop, do we work in solidarity to tackle the risks and challenges? Or do we cling to the zero-sum mentality and push the world towards division and confrontation? The choice we make and the path we choose bear on the future of humanity and the entire world. In this connection, the theme of this year’s annual conference, ‘Asia and the World: Common Challenges, Shared Responsibilities,’ is a highly relevant one,” said Zhao Leji, chairman of the Standing Committee of the National People’s Congress of China at the Opening Plenary of the BFA Annual Conference 2024. The conference takes place annually in the resort town of Boao, south China’s Hainan Province, in March.
The meeting witnessed pertinent and relevant discussions on building trust, enhancing opening up and free communications, and accessing the vast range of hi-tech capabilities that are available to address immediate challenges.
Growing resilience
Africa, too, needs a similar mechanism to coordinate African countries’ development amid the world uncertainties. Transparency and scientific research are pivotal to responding to the needs of the next era of the information age. Connectivity and mobility have created novel and dynamic opportunities for making a living and providing specialised skills and services, as individual experts link to networks and databases of expertise and knowledge facilitated digitally through cyberspace.
In Africa, the end of the abusive practice of the CFA franc imposed on West African countries by France to manipulate their economies and interfere in their politics and governance is the final nail in the coffn of French colonialism. The shift in policy has created dynamic and vibrant spaces for Africans to take control of their destiny and set a path for realising their true potential.
Analysis and research reports by several institutions including the African Development Bank indicate growing economic resilience as exports from the continent reach new highs. Average GDP growth figures of African countries are higher than the global average. The numbers bode well for the continent’s development. The reports also indicate the challenges that Africans are facing both internally and externally, linked to the global economic uncertainty. There is a growing sense of confidence that facing these challenges and turning them into opportunities to provide innovative solutions will make Africa central to the overall progress of the world.
The ZiG, a gold-backed currency recently launched in Zimbabwe, is creating disruptions in the monetary realm as it moves to displace the unhealthy influence of the so-called “almighty” US dollar and the insidious financial hegemonic system based on it.
The recent visit by US Secretary of the Treasury Janet Yellen to China is an indication of the panic in the US about its finance and economy. The country seems to be spiralling out of control and faces the greatest threat from within its borders as US citizens are realising the shortcomings of their own government and the deceitful practices of their corporations.
The BFA presented a timely opportunity to discuss and innovate new, modern and state-of-the-art economic, financial, monetary, trade, demand and supply policies and systems. The world’s natural shift has spurred the adoption of versatile and intelligent technology as we enter a dynamic realm. Multi-dimensional, decentralised economic frameworks and systems based on the collective strength and capability are being generated as the globe tackles the current irrational devaluation cycle.
AFRICAN PERSPECTIVE